This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 30 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is one of the first financial choices most business owners make? A) Marketing your business. B) Hiring employees. C) Choosing a business name. D) Funding your business. Show Answer Correct Answer: D) Funding your business. 2. Small businesses can have a positive impact on large businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 3. Buying one of these will allow the owner to operate a business using a well-established brand name with proven business practices. A) Franchise. B) Corporate charter. C) All the above. D) None of the above. Show Answer Correct Answer: A) Franchise. 4. What is a proprietor? A) A business owner. B) A new customer. C) An engine repair person. D) A venture capitalist. Show Answer Correct Answer: A) A business owner. 5. Which type of sales event is characterized by its temporary and often unexpected nature, used to create buzz and uniquely engage with customers? A) User Conferences. B) Road Shows. C) Product Launches. D) Pop-Up Events. Show Answer Correct Answer: D) Pop-Up Events. 6. Small business contributes to rural development by- A) Encouraging urban migration. B) Generating local employment. C) Promoting monopolies. D) Increasing imports. Show Answer Correct Answer: B) Generating local employment. 7. What does "Financial Risk" refer to? A) An aspirational view of the future. B) The introduction of something new. C) A feeling of suitability for a particular career. D) The risk that financial stakeholders will lose money. Show Answer Correct Answer: D) The risk that financial stakeholders will lose money. 8. What can simplify the initial planning process of starting a business? A) Applying for licenses and permits. B) Registering your business. C) Choosing a business name. D) Buying an existing business or franchise. Show Answer Correct Answer: D) Buying an existing business or franchise. 9. How do small businesses contribute to the Indian economy? A) By outsourcing jobs, copying ideas, and reducing the GDP. B) By increasing inflation, monopolizing industries, and decreasing the GDP. C) By creating employment opportunities, driving innovation, and contributing to the GDP. D) By causing unemployment, stifling innovation, and decreasing the GDP. Show Answer Correct Answer: C) By creating employment opportunities, driving innovation, and contributing to the GDP. 10. An Internet strategy, where strangers learn about your business online and then decide whether or not to make an investment. A) Crowdfunding. B) Shark Tank. C) All the above. D) None of the above. Show Answer Correct Answer: A) Crowdfunding. 11. What happened when an employee left a flash drive on a coffeehouse table? A) It was ignored. B) It was stolen. C) It was upgraded. D) It was returned safely. Show Answer Correct Answer: B) It was stolen. 12. Which business structure is best for international business even with being double-taxed? A) Sole proprietorship. B) Partnership. C) S corporation. D) C corporation. Show Answer Correct Answer: D) C corporation. 13. Specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement A) Goals. B) Objectives. C) Mission. D) Business Plan. Show Answer Correct Answer: B) Objectives. 14. Can you provide examples of successful small businesses? A) Nike, Coca-Cola, Disney. B) McDonald's, Starbucks, Walmart. C) Warby Parker, Glossier, Allbirds. D) Amazon, Apple, Google. Show Answer Correct Answer: C) Warby Parker, Glossier, Allbirds. 15. The decisions people make every day in relation to budgets and saving money have an impact on their financial position, wellbeing and lifestyle. These decisions are best described as: A) Debt reduction. B) Debt control. C) Financial gambling. D) Financial planning. Show Answer Correct Answer: D) Financial planning. 16. The DIC programme was launched in which year? A) 1978. B) 1988. C) 1958. D) 1998. Show Answer Correct Answer: A) 1978. 17. The SBA helps small firms sell their products ..... A) Abroad. B) To the federal government. C) To general public. D) None of the above. Show Answer Correct Answer: B) To the federal government. 18. Footfall is ..... A) How many customers don't come in the shop. B) A made up term. C) How many people complain. D) How many people go in or walk past your business. Show Answer Correct Answer: D) How many people go in or walk past your business. 19. Business ideas can come from A) Books and Magazines. B) Business Experience. C) All are correct. D) Hobbies and Interest. Show Answer Correct Answer: C) All are correct. 20. WHAT IS THE CLASSICATION OF SMALL BUSINESS? A) WITH INCOME OF 100 MILLION BAHT AND ABOVE. B) WITH 200 EMPLOYEES. C) NOT MORE THAN 50 EMPLOYEES IN THE MANUFACTURING SECTOR. D) ALL OF THE ABOVE. Show Answer Correct Answer: C) NOT MORE THAN 50 EMPLOYEES IN THE MANUFACTURING SECTOR. 21. What is the purpose of market analysis in a business plan? A) To describe products and services. B) To outline the organizational structure. C) To understand the target market and industry trends. D) To list the sources of funding. Show Answer Correct Answer: C) To understand the target market and industry trends. 22. Which company founded Small Business Saturday? A) Walmart. B) American Express. C) Apple. D) Visa. Show Answer Correct Answer: B) American Express. 23. A Business owner's personal credit history is considered when applying for business credit? A) No. B) Yes. C) All the above. D) None of the above. Show Answer Correct Answer: B) Yes. 24. ..... sales channels occur in person, where a customer can ask questions before purchasing. A) B2B. B) Online. C) Physical. D) Digital. Show Answer Correct Answer: C) Physical. 25. What is the role of the Small Industrial Development Bank of India (SIDBI)? A) The role of SIDBI is to promote and finance small-scale industries in India. B) To regulate foreign investments in India. C) To provide loans exclusively to large corporations. D) To manage the country's monetary policy. Show Answer Correct Answer: A) The role of SIDBI is to promote and finance small-scale industries in India. 26. Which professional association provides guidance for financial planners in Australia? A) The Consumers' Federation. B) The Financial Planning Association. C) The Australian Egg Corporation. D) The Australian Financial Association. Show Answer Correct Answer: B) The Financial Planning Association. 27. Which type of small business is owned and operated by a single individual? A) Sole proprietorship. B) Joint stock company. C) Cooperative society. D) Partnership firm. Show Answer Correct Answer: A) Sole proprietorship. 28. Which market segment shows how a customer views the world? A) Psychographic. B) Geographical. C) Behavioral. D) Demographic. Show Answer Correct Answer: A) Psychographic. 29. Operating Cycle = Inventory days + Receivable days ..... ? A) Payable days. B) Stock days. C) Interest days. D) Liability days. Show Answer Correct Answer: A) Payable days. 30. Advertising can force some buyers to feel as though they must conform to peer group pressure-this term refers to: A) The added pressure to acquire an item which will improve their life. B) The added pressure to buy before a sale is over. C) The added influence of needing to just be like the smart good looking people in advertisements. D) The added influence of people within a similar group such as a school, sports or other group. Show Answer Correct Answer: D) The added influence of people within a similar group such as a school, sports or other group. 31. Identify the correct sentence structure for a business introduction. A) The business was started by John, a small entrepreneur. B) John, a small entrepreneur, started the business. C) A small entrepreneur, John started the business. D) Started by John, the business was a small entrepreneur. Show Answer Correct Answer: B) John, a small entrepreneur, started the business. 32. Which is considered a type of Intellectual Property Right in India? A) Copyright. B) Trademark. C) Patent. D) All of these. Show Answer Correct Answer: D) All of these. 33. When starting your own business you should be ..... of all positive risks. A) Aware. B) Able. C) Sure. D) None of the above. Show Answer Correct Answer: A) Aware. 34. What is included in the Organizational Chart? A) The marketing strategies to be employed. B) The structure and hierarchy of the organization. C) The personal details of the owners. D) The financial projections of the company. Show Answer Correct Answer: B) The structure and hierarchy of the organization. 35. Why is customer service important for small businesses? A) It decreases employee needs. B) It helps reduce production costs. C) To retain repeat business. D) It eliminates the need for marketing. Show Answer Correct Answer: C) To retain repeat business. 36. When greeting a customer, which of the following actions are acceptable? A) Shaking hands. B) Elbow bumping. C) Asking the customer to stand in front of the plexi sneeze guard. D) None of the above. Show Answer Correct Answer: C) Asking the customer to stand in front of the plexi sneeze guard. 37. What does competitive advantage refer to? A) The number of products sold. B) The size of the company. C) Unique strengths that allow a company to outperform competitors. D) The ability to sell products at a lower price. Show Answer Correct Answer: C) Unique strengths that allow a company to outperform competitors. 38. Which business function in big businesses is responsible for automated systems to produce large quantities of products? A) Marketing. B) Operations Management. C) Logistics. D) Human Resources Management. Show Answer Correct Answer: B) Operations Management. 39. An entrepreneur has 3 investors that have contributed money towards the start of his business. This type of funding is known as ..... A) Liabilities. B) Expenses. C) Credit. D) Capital. Show Answer Correct Answer: D) Capital. 40. Which theory states that job satisfaction and job dissatisfaction are not opposites? A) Herzberg's Two Factor Theory. B) Maslow's Hierarchy of Needs. C) All the above. D) None of the above. Show Answer Correct Answer: A) Herzberg's Two Factor Theory. 41. C-Corporation is the best option for domestic companies. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 42. Which of the following is NOT available for copyright protection? A) Literary work. B) Musical work. C) Artistic work. D) Assembling. Show Answer Correct Answer: D) Assembling. 43. You should feel free to wear pajama pants to work. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 44. A U.S. government agency that helps small business owners obtain financing and other support for their companies is the A) Small Business Administration (SBA). B) U. S. Trade and Development Agency. C) Department of Housing and Urban Development. D) Service Corps of Retired Executives (SCORE). Show Answer Correct Answer: A) Small Business Administration (SBA). 45. (v) To do as well as or better than others. A) Produce. B) Compete. C) Combine. D) Project. Show Answer Correct Answer: B) Compete. 46. A business plan is NOT intended for A) Your competition. B) Potential investors. C) Your bank. D) None of the above. Show Answer Correct Answer: A) Your competition. 47. In an unlimited partnership, if there is debt to be paid, who has to pay it? A) The person who started the business. B) The partners only have to pay up to the amount they invested. C) The franchisor. D) The partners have equal responsibility to pay all the debts. Show Answer Correct Answer: D) The partners have equal responsibility to pay all the debts. 48. An organization that is set up to help those in need, and may make money, but uses it for the sole purpose to further it's goal, not to become rich. A) Profit business. B) Non-profit business. C) Retail business. D) None of the above. Show Answer Correct Answer: B) Non-profit business. 49. Which of the following is true about e-commerce? A) It eliminates the need for physical stores. B) It involves shipping costs for physical products. C) It is only used for digital products. D) It only involves selling services. Show Answer Correct Answer: B) It involves shipping costs for physical products. 50. What distinguishes a service business from a retail business? A) Service businesses sell physical products. B) Service businesses offer expertise and time rather than goods. C) Service businesses always have storefronts. D) Service businesses only operate online. Show Answer Correct Answer: B) Service businesses offer expertise and time rather than goods. 51. Which of the following is not recognised as an advantage of online shopping? A) Online shopping allows you to search for the best price before you buy. B) Online shopping allows you to search for the best features before you buy. C) Online shopping means you may lose track of your spending. D) Online shopping means you can purchase goods without leaving the comfort of your home. Show Answer Correct Answer: C) Online shopping means you may lose track of your spending. 52. What is a challenge associated with digital products? A) Limited availability. B) High shipping costs. C) High production costs. D) Difficulty in showing value. Show Answer Correct Answer: D) Difficulty in showing value. 53. To whom does the CEO report? A) Government. B) Board of Directors. C) Employees. D) Shareholders. Show Answer Correct Answer: B) Board of Directors. 54. Which type of sales event primarily focuses on introducing a new product to the market and creating hype around it? A) Product Launches. B) User Conferences. C) Road Shows. D) Fundraisers. Show Answer Correct Answer: A) Product Launches. 55. Expanding the product line A) Internal growth. B) External growth. C) All the above. D) None of the above. Show Answer Correct Answer: A) Internal growth. 56. As per MSMED, 2006, manufacturing Enterprises are defined in terms of investment in ..... mobile service Enterprises are defined in terms of their investment in ..... A) Equipment, plant and machinery. B) Plant and machinery, Equipment. C) Current assets, Fixed assets. D) Fixed assets, current assets. Show Answer Correct Answer: B) Plant and machinery, Equipment. 57. In a sole proprietorship, who is responsible for all debts and losses? A) The owner. B) The government. C) The employees. D) The customers. Show Answer Correct Answer: A) The owner. 58. Why do small businesses help stimulate economic growth according to the text? A) By providing employment opportunities. B) By avoiding innovation. C) By paying lower taxes. D) By excluding local workers. Show Answer Correct Answer: A) By providing employment opportunities. 59. Which of the following is NOT a strategy for dealing with risk? A) Insure the risk. B) Assume the risk. C) Forget about the risk. D) Avoid the risk. Show Answer Correct Answer: C) Forget about the risk. 60. Small Businesses are not the backbone of the economy. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. ← PreviousNext →Related QuizzesCommerce QuizzesClass 11 QuizzesClass 11 Business Studies Chapter 8 Small Business Quiz 1Class 11 Business Studies Chapter 8 Small Business Quiz 2Class 11 Business Studies Chapter 8 Small Business Quiz 3Class 11 Business Studies Chapter 8 Small Business Quiz 4Class 11 Business Studies Chapter 8 Small Business Quiz 5Class 11 Business Studies Chapter 8 Small Business Quiz 6Class 11 Business Studies Chapter 8 Small Business Quiz 7Class 11 Business Studies Chapter 8 Small Business Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books